Maine State Credit Union, based in Augusta, and Midcoast Federal Credit Union, based in Freeport, have announced plans to merge subject to regulatory and member approval. Combined, the entity will steward over $725 million in member assets and serve more than 46,000 members from eight locations in Central and Midcoast Maine, according to a news release.
The organizations expect to finalize the partnership in 2021.
“As we explored this collaboration, we found many synergies in our approach to providing service excellence. We recognize that together, our members will benefit from expanded service locations, improved technology solutions, and highly competitive loan and deposit rates.” said H. Tucker Cole, Maine State
resident/CEO.
Both Credit Unions are recipients of the Best Places to Work in Maine distinction.
“We strongly believe that employee satisfaction is essential to member satisfaction,” said Joe Gervais, Midcoast president/CEO. “Finding a partner that is genuinely committed to the professional development of its employees was essential in Midcoast’s decision to partner with Maine State. Together, we will continue to cultivate a workplace that values and empowers its employees.”
The combined Credit Union will serve the Maine counties of Androscoggin, Cumberland, Kennebec, Knox, Lincoln and Sagadahoc, and serve Maine state employees and related associations.
Led by Cole as Chief executive officer and Gervais as President, the entity will retain the Maine State Credit Union name and headquarters in Augusta, along with its branch locations in Augusta, Bath, Brunswick, Edgecomb, Freeport, Thomaston and Waterville.
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